Your Healthcare, Your Money
When planning for retirement, many people express concerns about their health. But too few are actually making plans to cover the costs of healthcare. Most don’t understand how to make these plans, or even how to estimate the money they’ll need for care.
Close to three fourths of affluent older adults have expressed concerns about affording healthcare in retirement. While far too few are actually making plans to cover their costs. Most don’t understand how to make these plans, or even how to estimate the money they’ll need for care.
In fact, 53% of older Americans responding to a recent Nationwide survey didn’t know how to estimate their future healthcare expenses. 65% had no clue how to estimate long-term care costs.
You can’t afford to go without a plan for healthcare as a senior. You need to plan early to set aside funds to cover care expenses during your golden years. If you don’t have savings for care, you’re making a major mistake.
Most people don’t understand how much to save for healthcare
A big reason why people do not plan for healthcare costs as senior is because they think Medicare will cover more than it does. In fact, Medicare has major coverage limitations and, despite what more than half of affluent older adults believe, Medicare Part B coverage is not free.
Older adults also underestimate likely costs of care, and most aren’t talking with their financial advisors about planning for healthcare costs. More than half of survey respondents with financial planners hadn’t broached the subject of healthcare, often because they consider care costs to be a personal issue.
Unfortunately, not talking to an advisor or learning the truth about Medicare leads to seniors saving far too little.
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